A-shares got off to a good start in May: the three major indices opened sharply higher, and the market made money obviously

Time Finance

2024-05-06 17:04Published on the official account of Financial News under Beijing Beijing Time

A-shares got off to a good start in May: the three major indices opened sharply higher, and the market made money obviously

On May 6, the three major indexes opened sharply higher.

At the close, the Shanghai Composite Index closed at 3,140.72 points, up 1.16%, the Shenzhen Component Index closed at 9,779.21 points, up 2.00%, and the ChiNext Index closed at 1,895.21 points, up 1.98%.

Today's trading volume in Shanghai and Shenzhen is 1.11 trillion yuan (511.256 billion yuan in Shanghai and 591.203 billion yuan in Shenzhen), the rise and fall ratio of all traded stocks in Shanghai and Shenzhen is 4515:741, and the overall money-making effect of the market is 85.90%.

From the perspective of sectors, the top industry sectors include coatings and inks, textile chemicals, and spandex, and the industry sectors with large declines include natural attractions, education, and printing.

On the news side, the Political Bureau of the CPC Central Committee held a meeting on April 30. The meeting emphasized that it is necessary to study and digest the stock of real estate and optimize the policy measures for incremental housing, pay close attention to building a new model of real estate development, and promote the high-quality development of real estate. The meeting also pointed out that it is necessary to flexibly use policy tools such as interest rates and deposit reserve ratios to increase support for the real economy and reduce comprehensive social financing costs.

On the same day, the Shanghai and Shenzhen Stock Exchanges officially issued 9 business rules, including the Rules for the Review of Stock Issuance and Listing, involving the revision of relevant rules such as delisting, IPO, dividends, and restructuring. Among them, the revision of the rules introduces the implementation of ST for cash dividends that do not meet the standard, and the Shanghai Stock Exchange said that it is expected that a large number of companies will not be implemented due to non-standard cash dividends, and the number of companies involved in the Shanghai Stock Exchange is estimated to be about 30 based on the data of 2022. The Shenzhen Stock Exchange said that the delisting rules are aimed at "shell zombies" and "black sheep", and do not target "small-cap" companies.

In addition, many places have recently optimized and adjusted their housing purchase policies, with mutual recognition and mutual loans of provident funds in nine cities in the Nanjing metropolitan area; Beijing allows Beijing families with two apartments to buy a new house outside the Fifth Ring Road; and residents with household registration in Tianjin who purchase a single set of newly built commercial houses of more than 120 square meters in the six districts of the city will no longer be verified for purchasing qualifications.

It is worth mentioning that during the holiday, Chinese assets represented by Hong Kong stocks and Chinese concept stocks rose sharply, which made investors have a lot of expectations for A-shares after the holiday.

Galaxy Securities believes that May is expected to usher in an upward trend. On the one hand, the market has paid more attention to the Politburo meeting of the Central Committee, and the main focus is on the tone of the current economic environment and the expression of relevant policies such as stable growth, which is expected to boost investor confidence. On the other hand, with the increase in Sino-US interactions, the market's concerns about Sino-US relations have eased, which has supported A-shares.

Guohai Securities believes that May will enter a performance window period, and the growth style is expected to continue to outperform under the catalysis of the industry. In the second quarter, the main line of the year is established, and the industry allocation focuses on: 1) large-scale equipment update: under the background of strong policy support, the pro-cyclical sector is expected to take the lead in benefiting, and sub-sectors such as chemical industry and machinery may open a new round of upward cycle; 2) consumer goods trade-in: at present, intelligence has become an important development direction for automobiles and home appliances; 3) the world has entered the era of artificial intelligence, AIGC has brought new opportunities for the development of the industry, hardware, The software and content sector has benefited from the application of AIGC, and the prosperity will continue to increase. In May, the preferred industries were chemicals, home appliances and electronics.

Zhongtai Securities believes that the main line of industry allocation in May is "asset shortage" and "odds trading". Under the logic of "asset shortage", we continue to be optimistic about the follow-up performance of dividend assets. In terms of "odds trading", we pay attention to some domestic products whose valuations are at historically low levels, mainly including pharmaceuticals, textiles and clothing, and food and beverages, and there may be opportunities for valuation repair in the short term.

Galaxy Securities believes that the specific configuration of technology concepts or will still be the main line of the market, such as AI and the concept of new quality productivity, capital market reform, mergers and acquisitions are expected to bring new catalysts to the financial sector, optimistic about the rebound of brokerage stocks. The investment strategy allocated in May should focus on low-valuation value stocks + growth value stocks in sectors that benefit from favorable policy expectations, and it is recommended to strategically deploy value stocks in sectors such as technology, upstream raw materials, and military industry.

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